MTN Nigeria to introduce mobile money

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A MTN kiosk in Nigeria

MTN Nigeria announced it will launch a mobile money services throughout the country in August 2011, with the aim of bringing its more than 40 million users to the new platform.

According to MTN, mobile money will harness and document the identities, resources and financial transactions of hoarders and unbanked Nigerians and bring them into the formal economy.

The goal of mobile money is to help create a cashless society and reduce the cost and dangers associated with traditional transactions in the country.

Most Nigerian telecom analysts are positive about the latest mobile money developments in the country. Currently less than one in five Nigerians have bank accounts and the country’s 24 commercial banks have a network of less than 4 000 branches nationwide.


Currently 90 million of Nigeria’s 140 million citizens have active mobile phones. “Mobile money is a facility that enables people to use their cell phones and other hand-held devices as electronic purses from which to effect financial transactions, including receiving and making payments,” MTN Nigeria stated.

Currently, Kenya has the most effective mobile money service in Africa.

David Eto

7 COMMENTS

  1. This is a welcome idea, that will safeguard many from fear and mess of big brothers.MTN U are too much. RIDE ON

  2. Its good to know that at last a big player like MTN nigeria is going into mobile money.It will open up a lot of opportunities for physical trade and electronic commerce . Well done MTN.

  3. Good talk. what the government should be doing. Until Nigeria join cashless society corruption will not stop. this is what the present crops of legislators should be talking about. kudo to Mtn.. We must all join Efcc to fight thieves using Ghana must go to loot the treasury. Good work MTN.

  4. This is a welcome development if people will not use this system to dupe their fellow human being of their hard sweet.

  5. Great stuff ! And here in South Africa the Big Banks have been stopping this from happening for the past 10 years.

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